"I regard myself as first among equals": Q&A with Equip's new CEO Nicholas Vamvakas
It's back to the future for Nicholas Vamvakas, as he commences his new role as CEO of Equip, in the building where his career started 34 years ago. He tells Industry Moves about Equip's recent merger with the Rio Tinto Staff Super Fund and offers his thoughts on the viability of smaller funds. With Greek philosophers guiding his thoughts, he also shares his opinions on effective leadership, the importance of embracing change and how he makes the most of his weekends.
It's back to the future for Nicholas Vamvakas, as he commences his new role as CEO of Equip, in the building where his career started 34 years ago. He tells Industry Moves about Equip's recent merger with the Rio Tinto Staff Super Fund and offers his thoughts on the viability of smaller funds. With Greek philosophers guiding his thoughts, he also shares his opinions on effective leadership, the importance of embracing change and how he makes the most of his weekends.
Now that you've moved into the role of CEO, following 12 months as acting CEO, what are your plans for the fund over the next 12 months?
Our top priority is to ensure we thoroughly bed down the merger with the Rio Tinto Staff Superannuation Fund. As part of that, we'll be ensuring we take full advantage of the new economies of scale it brings to ensure we deliver tangible benefits to members in terms of reduced fees and costs.
What are the most important aspects to consider when merging two funds together?
Cultural alignment is often underrated, but our past experience teaches us that it's absolutely critical to success. Being a profit-for-member fund is a good basis for alignment, but a common purpose built on shared values across both organisations, common investment beliefs and total commitment to ensuring we are the best provider of corporate superannuation services in Australia, will contribute to achieving great outcomes for members and employers with a common purpose.
...and what do you believe to be the greatest benefit that will arise from the the merger?
I've already mentioned reduced fees and costs. But this merger also establishes Equip as a significant fund with a national membership. Our increased scale will enable us to increase our presence in every state to provide greater access to support and advice for members and employers wherever they are.
Where do you weigh in on the argument that smaller funds need to merge with other funds in order to remain viable?
We are strong believers in delivering the best possible net benefit to members. This considers not only fees and costs, but also the investment opportunities available to the fund, the suitability of insurance cover for the membership, online capabilities and ready access to service and advice. So the answer on viability is probably different for every fund and that will determine the need to merge for increased scale. In our case, we believed greater scale was needed to ensure Equip could provide members with the future financial security they deserved.
In your opinion, what are the key elements that make for an effective leader?
The capacity to listen has always been important to my career and I think is essential to good leadership and collaboration. Within my executive team, I regard myself as first among equals, while across the organisation I like to think that anyone can feel confident enough to approach me on issues of interest or concern to them. Having said that, after taking the input of others into account, leadership requires the capacity to make what you believe are the right and, sometimes, the tough decisions and articulate a clear direction for the team and the organisation.
What has been the best piece of advice that you have received?
In change there is opportunity. Embracing and encouraging change where possible has allowed me to explore new opportunities throughout my career which has lead me to Equip today.
Who has had the greatest influence on your life/career so far?
Without a doubt my father has been the greatest influence on both my life and career. Although he passed away several years ago it was his guidance and balanced view that always provided sage advice throughout my career. He would often quote ancient Greek philosophers and those sayings still guide my thoughts today.
Where did you grow up and what was it like?
I was born and bred in Melbourne. I had a fairly typical suburban upbringing however it was overlaid with my Greek background. Following university, my first role was at Colonial Mutual Life on level 12 / 330 Collins St in 1984. Equip's office is on Level 12 at 330 Collins St, I am positioned in the same spot 34 years later!
How do you maintain a work/life balance?
I start work early and find I can achieve a great deal at the start of the day. I try not to take work home in the evenings if possible and do a number of activities over the weekend even if there is some work involved. Several years ago my partner and I started searching and visiting different places for breakfast on Saturday mornings. We make the time each week and try and outdo each other with new venues.
Is there a particular charity or cause that you support?
I don't support a specific charity or cause but try to support them on a case by case basis. I have participated in Movember and will support colleagues and friends seeking to raise funds. Having lived all my life in Melbourne I am disturbed by the increasing number of rough sleepers in the city and strongly applaud the work of organisations like St Vincent de Paul.
